CBN imposes charges on transactions above N500, 000

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The Central Bank of Nigeria (CBN) has begun implementation of three per cent processing fees for withdrawals and two per cent processing fees for lodgments of amounts above N500, 000 for individual accounts.

In a circular to all deposit money bank (DMBs), the director, payments system management department at the CBN, Mr. Sam Okojere, said the charges take effect from today (Wednesday).

For corporate accounts, CBN said DMBs would charge five per cent processing fees for withdrawals and three per cent processing fee for lodgments of amounts above N3, 000, 000.

The statement, however, disclosed that the charge on deposits would apply in Lagos, Ogun, Kano, Abia, Anambra, and Rivers states as well as the Federal Capital Territory.

It added that the implementation of the cashless policy would take effect from March 31, 2020.

To further promote the cashless policy and enhance the collection of applicable government revenues, the CBN also announced a review of the process for merchant settlement.

It added that with effect from Tuesday, September 17, the CBN had given approval for banks to unbundle merchant settlement amounts and charge applicable taxes and duties on individual transactions as stipulated by regulations.

With the review, the CBN said it gave approval for banks to unbundle merchant settlement amounts and charge applicable taxes and duties on individual transactions as stipulated by regulations.

It announced a downward review of the Merchant Service Charge (MSC) from 0.75 percent capped at N1, 200 to 0.50 percent capped at N1, 000.

The bank also announced that the nationwide implementation of cashless policy will take effect from March 31, 2020.

It would be recalled that in June, the CBN announced the takeoff of the third and final phase of the cashless policy in 30 states.

Premium Times reports that the decision followed the successful completion of Phases 1 and 2 in six pilot states and Abuja.

Phase 1 of the scheme took off in Lagos on January 1, 2012, while additional states, namely Abia, Anambra, Kano, Ogun and Rivers States, as well as Abuja, were involved in Phase 2, which commenced on October 1, 2013.

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